Shree Renuka Sugars has decided to increase its ethanol production by 430 kiloliters per day to 1400 kiloliters per day. For this the company will invest 450 crores.
The current capacity is 970 kiloliters per day.
In his address on the occasion of World Environment Day this year, PM Modi said that the target of mixing 20% ethanol in petrol was reduced from 2030 to 2025. Last year, the government had set a target of 10 per cent ethanol blending by 2022 and 20 per cent by 2030. At present, this target has been shifted five years ago. After the announcement of the government, the sugar companies of the country seem to be moving fast in this direction.
Shree Renuka Sugars has announced an investment of Rs 450 crore to increase its ethanol production capacity. In a communication sent to the stock exchanges, the company said that its board of directors has approved the expansion of ethanol production capacity by 430 kiloliters per day to 1,400 kiloliters per day. Earlier in February, the company’s board of directors had approved to increase the ethanol production capacity from 720 kiloliters per day to 970 kiloliters per day.
Presently the production capacity is 970 kiloliters per day.
The company said that in view of the government’s policies on ethanol blending, the board of directors has approved the increase in ethanol production capacity from 970 kiloliters per day to 1,400 kiloliters per day. The company said that an investment of Rs 450 crore would be required on this capacity expansion. The capacity expansion will be completed by October 2022.
Modi government’s emphasis on ethanol blending
India is the third largest oil importer in the world. In such a situation, it wants to reduce its dependence on oil exporting countries including the Gulf. Ethanol blending is a great solution for this and the government is constantly making serious efforts in this direction. At present, about 8.5 percent ethanol is mixed in petrol in the country. In 2014 it was only between 1-1.5 per cent.
The government has to buy on a large scale
In the last seven years, the government’s ethanol purchase has also increased significantly. The figure of government procurement has increased from 38 crore liters to 320 crore liters. In the year 2020, the country’s oil companies had purchased ethanol worth Rs 21 thousand crore. Ethanol produced from sugarcane is less polluting. In such a situation, farmers are getting double benefit on cultivating sugarcane.
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